Scotland has some of the most favourable energy resources in Europe. As a result, the sector is dynamic in terms of innovation, development and diversification.

Scotland has the potential to generate 59.1GW of power through renewable energy sources and significant prospects of becoming a major exporter of sustainable energy to other countries. The Scottish Government has set a target to source 50 per cent of all electricity and 20 per cent of all energy requirements from renewable sources by 2020.

Over the next 20 years, the offshore industry will begin to decommission many of the installations that have been producing oil and gas. Total costs involved in decommissioning the UK continental shelf are estimated at £15–20 billion. Scotland’s oil and gas expertise should mean it can capture its share of that market.

Scotland has around 25 per cent of Europe’s wind resource potential and is a leader in deepwater offshore wind technology, with experience of building, installing and maintaining the world’s first deepwater offshore windfarm, the Beatrice demonstrator project.

The capabilities and experience of Scottish oil and gas companies also presents new opportunities to target new business in key overseas markets, particularly in emerging markets such as Brazil, China, India, Mexico and South Africa.

With a world renowned oil and gas supply chain and a highly advanced power generation sector, Scotland is also at the forefront of the development of carbon capture and storage technologies and projects.